Luxury Home Sales’ Crawling Recovery

March 23, 2011 / Russell Legato, Residential Property Analyst

Increasing home sales in Southwest Ohio shows new signs of recovery in the area as luxury homes started to sell again. According to the Cincinnati Area Board of Realtors, home sales rose 16 percent of homes priced at $500,000 and above in 2010 — about 469 sales compared to the 2009 selling transactions.

Luxury Home Sales’ Crawling Recovery

In San Francisco Bay Area, inline with home sales, the million-dollar housing market in the southern part of the San Francisco has also gained more strength in the month of February. Median price are also up by about 4.5 percent for the luxury homes to $1,356,000.

According to a realtor Maureen D. Pippin from a Cincinnati real estate firm, Sibcy Cline, real estate professionals in the area can now see an improvement in home sales as several people who sat down during the housing recession decide to make a move despite the current state of the housing market, because they understand the value of buying properties now.

The fragile housing market is starting to recovery has home sales started to find its pace — slowly, and as every low-priced luxurious home can potentially attracts new homebuyers.

The highest paid home in the area, according to the report, is $4.7 million. The 1932 home that sat on 12 acres of land, situated at Taft Place in Indian Hill was sold in January  to a limited liability company, according to county records.

According to another realtor in the district, high-end home sales increase up to 20 percent in some neighbourhoods in Southwest Ohio. Among the highest home sales were recorded in Amberley Village, Mariemont, Montgomery, West Chester/Liberty townships, Hyde Park/Mount Lookout, Anderson Township/Newtown, Indian Hill, and others.

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